Industry
Danny Craig, president-elect of the Insurance Brokers Association of Ontario (IBAO) told brokers recently that the IBAO has been hard at work promoting its senior designation program, which will now be run through the Insurance Brokers Association of Canada (IBAC). Craig also commented on the development of the Center for Studies of Insurance Operations’ (CSIO) […]
April 30, 2001
1 min read
Despite reports that it would be “business as usual” following ING’s takeover of Equisure Financial Network last September, the board and CEO of the broker network have packed their bags. Equisure chair and CEO George Hutchison announced his intention to resign, as well as directors Neil Forth, Hector Lavigne, Lynne Hutchison, Douglas MacDonald, Hubert Mockler, […]
2 min read
Another U.S.-based property and casualty insurer has decided to pack bags and depart the lackluster Canadian personal lines market. Kemper Canada was recently acquired by the Royal & SunAlliance Co. of Canada for an undisclosed amount. The change in ownership is not expected to result in any significant staff changes, both companies say in a […]
March 31, 2001
Winnipeg-based The Boyd Group Inc. (TSE: BYD.A) has acquired Atlanta, U.S.-based Car-Tech Holdings Inc. for an undisclosed amount. The deal will require Boyd issuing 264,286 Class-A shares valued at around $1.4 million as part payment for the acquisition. The Car-Tech deal involves four “high-volume” repair facilities located in metro Atlanta, Georgia. As part of the […]
The business environment facing Canada’s property and casualty insurers over the year ahead is going to be tough, with the industry having closed the 2000 financial year with its first quarterly net loss since the 1970s and a dismal 6.2% return on equity (ROE), says Paul Kovacs, chief economist of the Insurance Bureau of Canada […]
By Sean van Zyl, Editor | March 31, 2001
3 min read
The Canadian property and casualty insurance industry disclosed a $130 million taxed loss for the final quarter of last year, the first quarterly loss in almost 18 years, observes Paul Kovacs, chief economist of the Insurance Bureau of Canada (IBC). The IBC’s preliminary financial figures for 2000 (based on reports of over 90% of companies) […]
Non-standard auto insurer Kingsway Financial Services Inc. (TSE: KFS) more than doubled net income for the 2000 financial year to $27.5 million (1999: $13.6 million). This translated to earnings of 81 a share (1999: 38), with the company posting a 10.7% return on equity for year. Strong business growth was mostly responsible for the earnings […]
The new federal privacy legislation, while not affecting the insurance industry until 2004, needs to be addressed now, representatives of the Insurance Information Centre of Canada (IICC) and the Insurance Bureau of Canada (IBC) told guests at a “Privacy and Security” breakfast, held recently in Toronto. Chief among the concerns in the new legislation is […]
It was a packed house recently for the Toronto Insurance Women’s Association (TIWA) Wine & Cheese Party, held at the Metro Toronto Convention Centre. About 2,000 attendees were present for the event, which is a chance to renew acquaintances, sample wine and vie for several door prizes. And it was all thanks to the efforts […]
After 34 years with Lindsey Morden, CEO Kenneth Polley has announced his intention to retire from that position. Polley will remain as chairman, while Francis Chou, a director of the corporation and vice president of Fairfax Financial Holdings will act as interim CEO. Queensway Financial Holdings Limited has announced the resignation of director Keith Henry. […]
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